Market Size of Global Ethical Pharmaceuticals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 10.50 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Ethical Pharmaceuticals Market Analysis
The Ethical Pharmaceuticals Market is expected to register a CAGR of 10.5% during the forecast period (2022-2027).
Covid-19 has significantly impacted the ethical pharmaceuticals market due to the rising consumption of drugs related to the respiratory system. For instance, in the Journal of American Pharmacist Association, titled 'The global impact of COVID-19 on drug purchases: A cross-sectional time-series analysis' in December 2021, Before COVID-19, the monthly number of standardized pharmaceutical units per 100 people ranged from 3990 to 4760. Compared to 2019, the number of units of pharmaceuticals purchased increased by 15% to 5309.3 per 100 people in March 2020. Furthermore, according to the same source, in the early months of the COVID-19 pandemic, there was evidence of global medicine stockpiling, particularly among developed countries.
The major factors driving the market growth include the rise in the burden of chronic diseases such as diabetes, cancers, and hypertension, the rise in the geriatric population, the rise in product launches for ethical drugs, increase in research and development collaborations to develop novel ethical pharmaceuticals, among others.
The rise in chronic disease is among the major factors driving the market growth. For instance, according to the International Diabetic Federation 2021, diabetes affects around 537 million persons aged 20 to 79. By 2030, the overall number of diabetics is expected to reach 643 million, and by 2045, it will reach 783 million. Furthermore, according to Globocan 2020, there were 19,292,789 new cancer cases seen in 2020 across the globe, and 9,958,133 deaths were reported globally in 2020. Such a huge burden of chronic diseases will lead to increased adoption of ethical medication, driving the market growth significantly.
Furthermore, the rise in collaborations to develop novel drugs has further driven the market growth due to the development and entry of novel drugs into the market. For instance, in March 2020, Curadev Pvt. Ltd. and Bayer entered research cooperation and license agreement for Curadev's Stimulator of Interferon Genes (STING) antagonist program. The collaboration aims to find new therapeutic candidates for the treatment of lung, cardiovascular, and other inflammatory illnesses.
However, the patent expiry of current ethical pharmaceuticals and the lengthy approval process for these drugs are expected to hinder the market growth.
